A rare bearish call just dropped on the chip giant everyone's been riding high on. One of the street's lone skeptics is projecting a 20% pullback, citing mounting competitive threats that could squeeze margins harder than most expect. While the crowd's still bullish, this analyst sees rivals closing the gap faster than the market's pricing in. The sell rating stands almost alone in a sea of buy calls—worth watching if you're tracking hardware plays tied to AI compute or mining infrastructure. Competition's heating up, and not everyone thinks the premium's justified anymore.